Royal Scalping Indicator
Royal Scalping Indicator is an advanced price adaptive indicator designed to generate high-quality trading signals. Built-in multi-timeframe and multi-currency capabilities make it even more powerful to have configurations based on different symbols and timeframes. This indicator is perfect for scalp trades as well as swing trades. Royal Scalping Indicator is not just an indicator, but a trading strategy itself.
- Price Adaptive Trend Detector Algorithm
- Multi-Timeframe and Multi-Currency Trend
- Low Risk Signals
- Sound Alerts, Push Notifications, Flasher …
- Highly Adjustable (All important parameters exposed and can be optimized for Expert Advisors)
- Dose Not Repaint
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It's recommended to watch the 5 minutes video tutorial at the end of this description before using this indicator.
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How it works
Royal Scalping Indicator includes two different oscillators. A trend oscillator which colored in orange predicts the overall trend of the market and a signal oscillator which colored in orchid generates buy and sell signals.
From the point where the trend oscillator leaves the lower zone and goes through the upper zone before the point that it gets out of its upper zone, the market is considered to be in uptrend direction. Conversely, its transition from the upper zone toward the lower zone and also its presence in the lower zone indicates that the market is in downtrend direction.
A buy signal is where the signal oscillator is in the lower zone (below level 20) and the trend oscillator is predicting an uptrend at the same time. Sell signals are generated where the signal oscillator is in the upper zone (above level 80) and the trend oscillator is predicting a downtrend at the same time.
The signal oscillator finds pullbacks in the overall trend and helps traders to ride the trend with lower risks which means tighter stop losses can be used.
Royal Scalping Indicator can be configured to alert traders through sound, by flashing the chart, phone notifications, email and MetaTrader alert window. It can be adjusted to get notified only for an arbitrary number of signals from the beginning of a trend where the trend is not old and not inclined to get reversed.
To avoid a long list of confusing inputs, most of the input parameters have been represented as a set of inputs in a row separated by commas. For example there are two related parameters for the signal oscillator but written as a single string input Signal Period [EMA, Channel] which means the input should be entered like 3,5. This means you enter two values, the first one is a fast period for an EMA and the second one is a slow period for a channel which both belong to the signal oscillator.
Trend [Symbol, Timeframe]
For the trend oscillator both symbol and timeframe can be different from the current charts. Using a negative sign before a symbol means you want the inverse of the trend oscillator for the specified symbol.
usdcad [Uses USDCAD on current timeframe]
h4 [Uses timeframe H4 on current symbol]
For the last example the indicator actually uses USDGBP for the trend oscillator.
H1 trend can be used in M30 and M15 charts. M5 trend can be used in M1 chart, but don't use for example H1 trends on M1 charts. Be aware that one bar in H1 represents 60 bars in M1 which can propagate inevitable repainting from H1 to M1.
Trend Fast Channel and Trend Slow Channel parameters
To have a price adaptive trend oscillator enter three values for both Trend Fast CH and Trend Slow CH.
Trend Slow CH [Period1, Period2, ER] = 6, 30, 9
Trend Fast CH [Period1, Period2, ER] = 3, 14, 9
If its preferred to have a Simple Scalping Indicator, enter only a fast period for Trend Fast CH and a slow period for Trend Slow CH.
Trend Slow CH [Period1, Period2, ER] = 150
Trend Fast CH [Period1, Period2, ER] = 14